Feb. 18, 2022
To: Chairman Gary Gensler, SEC From: Richard J. Leo Subject: Bitcoin as a registered ETF with the SEC Hi Gary, I am a 75 year-old retired Xerox Executive who has enjoyed listening to the 30+ hours and 24 lectures presented by you at the MIT 15.S12 Blockchain and Money course offered in the fall of 2018. I have come to know you as a phenomenal teacher, exceptionally brilliant and kind hearted; especially evidenced when teaching a complicated subject to a class of students, many of whom, were not native English Speaking students. Following that experience, I also enjoyed the 20 March 2019 fireside chat between Hester Peirce and yourself on “Effectively Regulating the Blockchain Space”. During that chat both you and Commissioner Peirce expressed qualified support for approving a Bitcoin ETF…… even if only for Bitcoin at that point in time. Commissioner Peirce even expressed her feeling that the SEC did overstep its statutory authority by not approving a Bitcoin ETF. Also, you mentioned that if the SEC is ok with futures based Bitcoin ETFs, then is seems odd not to be okay with a Bitcoin ETF. You suggested that a “No Action Letter” might be a good way to “smooth the transition” to enabling a Bitcoin ETF thus offering more people (like me) a point of access for this investment opportunity. You also asked WHEN an approval for a Bitcoin ETF registration might be granted. So ….. My Question is why not approve a Bitcoin ETF in a similar fashion to the approach taken by the Commodity Futures Trading Commission under your leadership? I am an investor in Bitcoin, because I believe in the enormous potential value of blockchain technology; as articulated by your friend, Blyth Masters ….. However, the lack of spot ETF is causing the market disturbance of 20% discount on the price of GBTC, which is hurting retail investors like me. Gary, I am also aware of your position that you won’t support a spot Bitcoin ETF until there’s a robust regulatory framework in place around crypto exchanges to protect people like me. At the same time, you mentioned that you would support the creation of a single (national -vs- 50+ state) National Exchange for crypto that complies with our money transmission rules. So ……. I am now asking you the same question you asked Commissioner Peirce ….. WHEN will we have a National Exchange capability for crypto, especially one for Bitcoin? Many Thanks, Kind Regards, Richard J. Leo